United States Antimony Corporation

Greetings and welcome to the United States Anti-Money Corporation Second Quarter 2025 Financial and Operating Results Meeting. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the webcast, please press star zero on your telephone keypad. Please note this conference call and webcast is being recorded. I will now turn the call over to your host, Gary C. Evans, Chairman and CEO. You may begin.

Thank you, Jenny, and thank you to our listeners for dialing in this afternoon. First, I'd like to start by introducing other members of our management team that have joined me today on this call. We have Joe Barswith, who's a board member and executive vice president and our chief mining engineer. We have Rick Isaac, who is our senior vice president, as well as our chief financial officer. We have Melissa Pagan, who is senior vice president of our corporate development and government relations. And then Jonathan Miller, who's our vice president of investor relations. I would like to, you know, I don't want to steal Rick's thunder regarding the financials, but I'd like to say a few things. In summary, for the six months that we just reported a few minutes ago, that ended June 30, 2025, our revenues were up 160%. This is year over year. Our gross profit was up 183%, which is year over year. And we reported net income of $728,000, which was up 707% year over year. Our revenues reported today for the first six months of this year were almost $3 million greater than we reported for the entire 2024 fiscal year. We continue to remain on track for our previous revenue guidance of $40 to $50 million for fiscal 2025. Now, to give everyone a lot more details regarding our operating and financial results reported this afternoon, Rick Isaac, our CFO, will take it from here. Rick?

Thanks, Gary. I'll start with some comments on our consolidated results. As Gary highlighted, a few of them. Sales were 17.5 million for the first six months of this year, which is an increase of 10.8 million or 160% over last year, as Gary mentioned. Of this increase, our antimony business was up 10.4 million or 203% over the prior year on continued strong demand for antimony, which increased our average sales price from about $6 per pound during the first six months of last year. to about 22 bucks per pound this year. Our zeolite business was up this year by 400,000 or 24% over last year. About 60% of this increase was due to higher volume and 40% was due to a higher price. Consolidated gross profit was 5.2 million for the first six months of this year, which is an increase of 3.4 million or 183% over last year. This increase was primarily due to the higher average sales price this year in both our antimony and zeolite businesses that I mentioned earlier and the lower maintenance and related costs incurred this year by our zeolite business. These improvements in gross profit were offset in part by an increase in the percentage of the market price charged by our antimony suppliers. I want to recognize the progress that our zeolite business has made in this area and in general. They had some turbulent times last year with a lot of equipment, vehicle, and facility maintenance, but they landed the plane well. As a result, our zeolite business has been delivering to their customers on time and in full this year and has capacity to grow. We hired two salespeople this year for a zeolite business, and their focus is on fulfilling this unused capacity. Check that, filling this unused capacity. Consolidated operating costs increased from $2.3 million for the first six months of last year to $4.8 million this year, which was primarily due to increased costs associated with personnel hired this year to lead our initiatives that are improving our company and increasing sales. As a result of these improvements, we reported income from operations of $378,000 in the first half of this year, as compared to a reported loss from operations of $414,000 last year. This is an improvement of $792,000 year-over-year. Included in this year's reported results were non-cash expenses totaling $1.6 million compared to only $500,000 last year. These non-cash items include stock compensation, depreciation, and lease expenses. Next, I'll review a few items in our balance sheet. First, we purchased 10 million of US treasury strips during the second quarter of 2025, which obviously decreased our cash balance during the second quarter. Next, inventory increased by 5.6 million over the first six months of 2025, which was due to a significant increase in our anemone inventory. Our anemone ore supplier for our Thompson Falls, Montana facility delivered twice as much ore during the first half of this year compared to last year. And about 75% of this increase occurred in the second quarter when they delivered three times the amount of ore over last year. We expect our supplier will continue to deliver more anemone this year than last. Therefore, we recently increased our processing capacity and our staff to lower this inventory balance over the last half of 2025, which should increase our sales volume. These increased supplier shipments also increased our accounts payable balance over the first six months of 2025. Prepaid expenses increased by $1.2 million during the first six months of this year. About $840,000 of this increase related to prepaid anemone ore that should arrive at our Madero facility in Mexico in the third quarter of this year and will be processed and sold. Fixed assets increased around $7 million during the first six months of this year, primarily due to purchase of mining claims, leases and property, the largest of which was the $5 million purchase of the Tungsten property in Ontario, Canada. There have been Exercises of pre-existing warrants and stock sales that totaled about $7.3 million during the first six months of this year, which increased our common stock and additional paid and capital balances during that time. We ended the first half of 2025 with long-term debt of only $262,000. Overall, we're executing our plan to improve the operational landscape and financial results of the company. This year, this included increasing our antimony ore suppliers, our antimony capacity, and our antimony staff, which we expect to continue going forward as we expand our Thompson Falls Antimony Facility. We also grew our zeolite business. We acquired mining claims, leases, and properties that I mentioned earlier in Alaska, Montana, and Canada to position the company for opportunities to expand and grow. And we balanced all these operational initiatives and improvements while increasing net income from a loss of $120,000 for the first six months of last year to income of $728,000 for the first six months of this year. We want to thank our shareholders for voting to pass our proposals at a recent annual meeting and for showing confidence in us and our strategy. We are a team dedicated to improving our company and increasing shareholder value. I'll pass it back over to you, Gary.